SoftBank books $70.7mn profit in Q1

TOKYO: Japanese technology investor SoftBank Group swung to a small net profit of 10.4 billion yen ($70.7 million) in the April-June quarter, helped by buoyant valuations of tech stocks and marking its third consecutive quarter of gains.

It missed expectations of 109 billion yen ($748 million) of profit over the quarter, according to an average of five analyst estimates compiled by LSEG and Reuters.

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That compares with a loss of 316.2 billion yen in the same period a year earlier.

The Vision Fund investment unit booked an investment gain of 1.9 billion yen.